Microeconomics Theory And Applications

This book does not claim any originality in regard to matter and facts since I had to depend these on standard books published in India and outside on the subject. I have, however, tried to present the facts in such a way as to make it easy for the students to comprehend them. I have taken special care to incorporate the latest Companies and other Acts as they refer to auditors and auditing. Legal cases have also been discussed at length. At the end of each chapter, questions set by universities and professional bodies are given. I hope the book will prove to be useful not only to the students who are to take university examinations but also to candidates who take professional and competitive examinations in the subject

Chapter 1 Introduction to Microeconomics

Chapter 2 The Economy: Its Basic Problems and Working System

PART II: MARKET MECHANISM: HOW MARKETS WORK

Chapter 3 The Market Forces: Demand and Supply

Chapter 4 Elasticity of Demand and Supply

Chapter 5 Application of Market Laws and Elasticities

PART III: THEORY OF CONSUMER DEMAND

Chapter 6 Theory of Consumer Demand: Cardinal Utility Approach

Chapter 7 Theory of Consumer Demand: Ordinal Utility Approach

Chapter 8 Application of Indifference Curve Analysis

Chapter 9 Revealed Preference Theory

Chapter 10 Consumer Surplus: Measurement and Application

PART IV: THEORY OF PRODUCTION AND COST ANALYSIS

Chapter 11 Theory of Production-I: Laws of Returns to a Variable Input

Chapter 12 Theory of Production-II: Production with Two Variable Inputs

Chapter 13 Theory of Cost

Chapter 14 Optimum Combination of Inputs

PART V: THEORY OF FIRM: THEORY OF PRICE AND OUTPUT DETERMINATION

Chapter 15 Market Structure and Objectives of Business Firms

Chapter 16 Price and Output Determination under Perfect Competition

Chapter 17 Application of Competitive Market Analysis

Chapter 18 Price and Output Determination under Monopoly

Chapter 19 Price and Output Determination under Monopolistic Competition

Chapter 20 Price and Output Determination under Oligopoly

Chapter 21 Theory of Sales Maximization and Game Theory of Oligopoly

PART VI: FACTOR MARKET AND FACTOR PRICING

Chapter 22 The Factor Market: Factor Demand and Supply

Chapter 23 Wage Determination under Perfect Competition

Chapter 24 Wage and Employment under Imperfect Competition

Chapter 25 Theory of Rent

Chapter 26 Theories of Interest

Chapter 27 Interest Rate and Investment Decisions

Chapter 28 Theories of Profit

Chapter 29 Product Exhaustion Theorem

PART VII: GENERAL EQUILIBRIUM AND WELFARE ECONOMICS

Chapter 30 General Equilibrium Analysis.

Chapter 31 Welfare Economics: Pareto Optimality

Chapter 32 New Welfare Economics

Chapter 33 Market Failures and Provision of Public Goods

Index